Acala announces new staking program

by in Cryptocurrency News


In early August, the Acala parachain project will launch a new staking program for ACA tokens.

Users will be able to earn ACA-aUSD liquidity provider tokens. The asset allows you to purchase ACA, aUSD stablecoin, or pay trading fees.

The project team will allocate excess network reserves in the amount of $200,000 for the buyback of tokens within the framework of the program. The interest rate of income for staking depends on the number of participants, its fixed value does not exist.

According to the statement, ACA is a "non-inflationary" coin that:

provides transactions with aUSD and maintains the Acala treasury;

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serves as collateral for the issuance of a stablecoin; allows you to participate in protocol management. Over the past day, the coin has risen in price by 15.5% and is trading around the $0.31 mark.

Hourly ACA/USDT chart of the Kucoin exchange. Data: Trading View.

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Recall that in November 2021, the project won the first auction for the Polkadot parachain slot.

In March, Acala launched the $250 million aUSD Ecosystem Fund to incentivize the use of the project's stablecoin.